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  • 1. The HKIAAT Accounting and Business Management Case Competition 2009-2010 - Tertiary Institute Group Speaker: Dr. Mable Chan Lecturer Department of English The Hong Kong Polytechnic University Business Report Writing Skill
  • 2. A Question to ask
    • Which of the following are required to join/win this competition?
    • Ability of conducting primary or secondary research
    • Analytical ability
    • Ability of using accounting knowledge for business development
    • Insights into the business world
    • Understanding of how to present information using a business plan
    • Ability of presenting the findings and research orally
    • All of the above
  • 3. Objectives of this seminar
    • You are expected to:
    • understand what a business plan is about
    • find out the content, structure and language use of a business plan
    • better prepare for the competition
  • 4. What is a business plan?
    • A detailed proposal for doing or achieving something
    • A business plan should outline the business objectives; how and when these will be achieved; resources required and the evidence that supports the assumptions.
    • We need a business plan for different stages of business development
    • - start-up: mainly for survival
    • (e.g. finding customers, retaining customers, making sure products/services keep up with changing customer needs)
    • - early years: consolidating the business
    • (e.g. controlling the business, staff recruitment and retention, management structure)
    • - growth and maturity years: challenges of expansion
    • (e.g. secure funding, moving premises, moving into new markets/new products, competing with bigger businesses, mergers/acquisitions)
  • 5. Benefits of Planning
    • Better prepare for uncertainties and be more confident about what lies ahead
    • Effective way to monitor and control your business
    • Reliable in planning and working according to facts and market needs
    • Planning is a good communication means – it requires communication with different parties, ensuring that staff are clear about company mission, vision and objectives.
    • Identify weaknesses and improve the all-round efficiency of an organization
  • 6. Different needs for a business plan
    • Raising money
    • Obtaining approval for a course of action
    • Enhancing performance
    • Enlisting external support
  • 7. Components of a business plan (1)
    • Cover page- This page identifies you and your business, and dates the plan.
    • Table of Contents- This is to make it easy for readers to locate and examine specific documents.
    • Executive Summary- This could be regarded as the most important part of a business plan. It summarizes the highlights of the plan and provides a snapshot of the business.
    • Company description: This section gives company-specific information, including the nature of the organization/business, ownership, mission, objectives or even location.
  • 8. Components of a business plan (2)
    • Product/Service Description- This section describes the products or services offered by an organization.
    • Market Analysis- This section outlines the analysis of the industry, target market and competition the business faces. A SWOT analysis may also be included.
    • Strategy- This section presents the strategies used to address the findings in the Market Analysis section. Details about implementation, schedule, personnel and budget required could also be included.
    • Management Team- This is a section describing the management of the business. Some businesses will also include information about other staffing or the independent consultant they plan to use.
  • 9. Components of a business plan (3)
    • Appendix- This is for you to include supporting documents, statistical analysis, product marketing materials or resumes of key employees.
    • References- This is to acknowledge the sources of information you have read.
  • 10. Procedure of preparing for a business plan Step 1: Identify the needs to write the business plan by understanding the situation. - read the annual report of the company - conduct a relevant survey/an interview to find out more about the situation. - Interpret and analyze the data collected Step 2: Determine the purpose and rationale of the business plan Step 3: Brainstorm all the possible strategies/solutions and find out the most feasible ones Step 4: Draft a feasible schedule for implementing the measures and consider the budget Step 5: Write up the business plan Step 6: Revise, proofread and edit the business plan Step 7: Submit the business plan for consideration
  • 11. Summary of the Adjudicators’ comments
    • Content: Lack of solid data to support and justify recommendations
    • Structure: No Executive Summary, no Conclusion and recommendations, No referencing
    • Language: Poor presentation of data, hard to read, poor grammar, many typos
  • 12. Executive Summary
    • Introduction
    • Objectives
    • Mission
    • Keys to Success
  • 13. 1. Executive Summary 1.1 Introduction Jasmine Teahouse is a new tearoom in the quaint New England town of Simsbury, Connecticut. Jasmine Teahouse is a Limited Liability Corporation, managed by its owners, Earl and Lady Grey. Earl Grey has five years of experience managing a successful boutique coffeehouse in a similar locale in Maryland. His love and knowledge of teas will make the transition to owning and running a teahouse a natural step. Lady Grey has 3 years of training as an herbalist and worked for 4 years as a teatender in Boston. She is currently training to be a nutritionist; her knowledge of the health benefits of tea will help our marketing and sales efforts. Source: SBA homepage: http://www.sba.gov
  • 14. 1. Executive Summary J asmine Teahouse will offer a full range of teas (hot and iced), as well as pastries, premium chocolates, tea accessories, and loose teas for taking home or giving as gifts. Lady Grey is a master teatender, and Earl has been learning proper brewing techniques from her for the last four months. We will train all of our teatenders in the proper storage, brewing, and serving of each kind of tea.
  • 15. 1. Executive Summary The American tea market is growing rapidly. Tea sales have increased 165% since 1990, with the number of tea rooms offering sit down service rising about 15% to about 1500 shops. American interest in tea certainly owes some of its increase to the proliferation of gourmet coffee shops around the country in this same period. Most of working America has accepted the idea of expensive hot beverages as affordable luxuries, thanks to the marketing efforts of Starbucks, Seattle’s Best, and so on. At the same time, fashion is always on the move-now that fancy coffee drinks are so widely accepted, savvy consumers are looking for new, more unique treats to enjoy. Starbucks estimates that 7% of its $12 billion annual sales currently come from tea.
  • 16. 1. Executive Summary In Sinsbury, our potential clientele is divided between local residents and tourists (roughly 100,000 per year, in all seasons). We expect to easily generate sales to existing committed tea drinkers, who will immediately recognize the quality of our products and services. Marketing to the much larger local groups who are not yet familiar with premium teas will emphasize our atmosphere (cozy, intimate, luxurious), our prestige-value (high prices, the sophistication of having a favourite “exotic” tea type), and our wide array of potential gifts (gift baskets, chocolates, loose teas and tea accessories). Sales to tourists depend on a highly-visible location, association with the quaint charm of our town, and promotional efforts in cooperation with other businesses.
  • 17. 1. Executive Summary We have no direct competitors in our area. Dunkins Donuts and a local cafe cannot compete with our upscale approach, and the nearest Starbucks is 5 miles away. Simbury’s growing affluence and gentrification work in our favour, as our upper-middle class customer seeks out new status makers and mini-luxury experiences in a convenient, nearby location. Our well-researched and conservative sales forecasts project sales over $190,000 in the first year, with continued moderate increases through year 3. We project a net profit in the first year of over $13,000, with steadily increasing net worth for the foreseeable future. The owners are investing $10,330 of their own money into the business. Jasmine Teahouse is seeking an additional 6 year loan of $53,633 to fund out startup costs. We plan to open our doors in June of 2004.
  • 18. 1. Executive Summary
  • 19. 1. Executive Summary
    • 1.2 Objectives
      • To operate a successful tea and chocolate store in Simsbury, employing one to two employees the first year
      • To obtain a minimum of 200 regular customers in the Simsbury market the first year of operation
      • Achieve first year sales of $190,000
      • Maintain an average gross margin of 58 percent.
      • To produce a reasonable net profit by the end of the third year of operation
  • 20. 1. Executive Summary
    • 1.3 Mission
      • Our goal is to provide the finest premium teas and chocolates to residents of the Simsbury, CT area in a relaxed and fun atmosphere.
    • 1.4 Keys to Success
      • Experienced Owners/Managers. Earl and Lady Grey have years of experience in this and related industries.
      • Product Quality. We sell only the finest whole-leaf loose teas, pastries, and chocolates.
      • Excellent Customer Service. Each customer will be treated as would an honoured guest in our homes.
      • No direct competition. In addition to hot teas, we offer iced teas, chocolates, and gift baskets to cover seasonal variations in customer demand.
  • 21. 2. Products/Service Description
      • This section is about the products or services the business provides/will provide.
      • We need to focus on the factors that make the offering unique and desirable to customers (having a competitive comparisons comparing your offering to similar products or services offered by others).
        • - Sourcing
        • - Future Products or Services
  • 22. 2. Products/Service Description 2.1 Products and Services Jasmine Teahouse will specialize in premium teas, fine chocolates, and gift baskets. Our full “teahouse” experience is complemented by an assortment of loose teas, premium chocolates, tea accessories and gift baskets, all suitable as souvenirs and gifts for our tourist customers. Our goal is to be a destination store for visitors, and a resource for locals seeking gifts, new experiences and knowledge of tea. 2.1.1 52 kinds of tea 2.1.2 Pastries 2.1.3 Chocolates 2.1.4 Tea paraphernalia 2.1.5 Gift baskets
  • 23. 3. Market Analysis
    • The Market Analysis Section gives evidence that the market has a niche for the company to exploit. It consists of the following:
    • an industry analysis
    • A target market analysis
    • A competitive analysis
    • A SWOT analysis
  • 24. Industry Analysis
    • Industry analysis part is for you to demonstrate your knowledge about the features/characteristics of the type of business you are in.
    • size of the industry
    • growth rate
    • trend of development
    • reasons for the trend
    • market share
    • Factors affecting the industry
  • 25. Target Market Analysis
    • This is to analyze the target market to find out who precisely your target customers are and their preference. It includes the following information:
    • demographic information
    • size of the target market
    • lifestyle factors
  • 26. Competitors Analysis
    • It is important for you to identify your competitors, and the details of your competitors’ businesses. You may have to do some research; study their ads, brochures and promotional materials. You also have to find out more about their location, customers and investigate their pricing. Both primary and secondary information is needed.
      • your competitors’ size and market share, as compared to yours
      • how target customers perceive your competitors’ products and services
      • your competitors’ financial condition
      • their ability and speed of innovation for developing new products/services
  • 27. SWOT analysis
    • In SWOT, strengths and weaknesses are internal factors. For example, strengths could be:
      • Your specialist marketing expertise
      • A new, innovative product or service
      • Location of your business
      • Quality processes or procedures
      • Any other aspects of your business that adds value to your product or service
    • Weaknesses could be:
      • Lack of marketing expertise
      • Undifferentiated products or services
      • Location of your business
      • Poor quality of goods or services
      • Damaged Reputation
  • 28. SWOT analysis
    • Opportunities and threats are external factors. For example, opportunities could be:
      • A developing market such as the Internet
      • Mergers, joint ventures or strategic alliances
      • Moving into new market segments that offer improved profits
      • A new international market
      • A market vacated by an ineffective competitor
    • Threats could be:
      • A new competitor in your home market
      • Price wars with competitors
      • A competitor has a new, innovative product or service
      • Competitors have superior access to channels of distribution
      • Taxation is introduced on your product or service
  • 29. SWOT analysis SWOT analysis can be very subjective. Do not rely on SWOT too much. It is rare for two people to come up with the same final version of SWOT. So use SWOT as a guide and not a prescription.
  • 30. Sample Market Analysis Section 3.1 Industry Analysis 3.1.1 Tea Market 3.1.1 Chocolate Market 3.2. Target Market Analysis 3.2.1 Market Size 3.2.2 Market Segmentation 3.2.2.1 Locals 3.2.2.2 Tourists 3.3 Competitors Analysis 3.4 SWOT Analysis
  • 31. 4. Strategy
    • This section explains how you plan to reach your targeted customers and how you will effectively market your product or service. It addresses the analysis you have done in the Market Analysis section.
    • You could consider 4 Ps:
    • Product
    • Pricing
    • Place
    • Promotion
  • 32. Sample Strategy section 4.1 Strategy and Implementation summary e.g. We will combine heavy print advertising with special events and targeted promotions to introduce Simsbury’s residents and tourists to Jasmine Teahouse, and to premium teas in general. Repeat sales depend on consistently high quality products and service. We will thus train every part-time teatender in the proper storage, brewing, and serving of our 52 kinds of tea.
  • 33. Sample Strategy section 4.1 Strategy and Implementation summary Our tea and chocolates are offered at a price premium that discourages customers seeking cheap, low-quality goods. This not only enhances the feeling of prestige customers get when patronizing our teahouse, but also ensures that customers will have simialr expectations of service and quality, based on their soci-economic class. The status and sophistication indicated by suggesting an outing to Jasmine, or a gift basket with our logo on it, will soon become valuable in themselves.
  • 34. Sample Strategy section 4.2 Competitive Edge 4.3 Marketing Strategy 4.3.1 Tea drinkers 4.3.2 Socializers 4.3.3 Gift Buyers 4.3.4 Tourists 4.4 Sales Strategy 4.5 Sales Forecast
  • 35. 5. Conclusion
    • The main purpose of the conclusion is to summarise and highlight the significance of your main findings. Do not introduce any new material (e.g. results, analyses) in this section. If you want to draw a clear conclusion about your findings, you can use these expressions:
      • It can be concluded that …
      • The findings clearly indicate that …
      • It is clear that …
      • This study has found / demonstrated / revealed / shown that ...
      • If you want to express caution when drawing conclusions, you can use these expressions:
      • T he findings seem / appear to indicate that ...
      • The results suggest that ...
      • he evidence points to ...
    •  
  • 36. 5. Conclusion
    • Conclusions often contain expressions of generality such as:
      • In the main …
      • In general …
      • Overall …
      • Taken as a whole …
      • On the whole …
      • Generally speaking …
    •  
    •  
  • 37. Use of Language: Strategy
    • In the strategy section when you have to give suggestions or recommendations, you will often want to demonstrate how your recommendation is derived from a particular conclusion. You can use these expressions to indicate the connection between your conclusion and recommendations:
      • Given ...
      • In view of ...
      • In the light of ...
      • Taking into account / consideration …
      • Considering …
  • 38. Use of Language: Strategy
    • Making recommendations is an important element in reports written in order to solve problems.
    •  
    • Note the structures that are used with the following verbs, which are frequently used in recommendation sections.
      • recommend
      • suggest
      • propose
    •  
  • 39. Use of Language: Strategy
    • When you make a recommendation, suggestion or proposal you can use a ‘that’ clause with a modal (typically should).
    •  
    • Examples:
      • It is recommended that the institute should form a working party to investigate the problem.
      • It is recommended that a working party should be formed to investigate the problem.
    •  
  • 40. Use of Language: Strategy
    • It is quite common to omit the modal, particularly in formal writing. If you leave out the modal, you should use the base form of the verb (i.e. as if the modal were present).
    • Examples:
      • It is recommended that the institute form a working party to investigate the problem.
      • It is recommended that a working party be formed to investigate the problem.
      • I suggest that the Director of Finance examine the records.
      • It was proposed that Sally convene a meeting to review procedures.
    •  
  • 41. Use of Language: Strategy
    • Here are other ways of putting forward and evaluating solutions to problems in recommendation sections:
      • I think / believe that the rent should be maintained at the present rate.
      • The company should consider engaging a team of consultants.
      • We could (introduce) …
      • One way of addressing the problem would be to (introduce)…
      • dealing with
      • tackling
    • approaching
    • solving
    • alleviating
    • reducing
    • minimising
    • limiting
    •  
  • 42. Use of Language: Strategy
      • One possible solution would be to (introduce) …
      • What we should do is (introduce) …
      • To solve the problem of … we should (introduce) …
      • A short-term solution would be to (introduce) …
      • In the long term, we should (introduce) …
      • The problem of … could be alleviated if we (introduced) … The main benefit / advantage of … is …
      • One of the main disadvantages / drawbacks of … is …
  • 43. Formal Writing
      • In formal English:
        • Sentences tend to be long and complex
        • Grammar rules are followed strictly
        • Contracted and abbreviated forms of words are usually avoided
  • 44. Phrasal Verbs
    • ask for
    • come up with
    • set up
    • go up and down
    • cut down
    • put forward
    • request
    • suggest
    • establish
    • fluctuate
    • reduce
    • propose/
    • suggest
  • 45. Avoid simple everyday words like good, bad, small, get, thing
    • I (got) obtained the data between 2 May and 30 June 2009.
    • Ada has now (got over) overcome the shock of losing her job.
    • The economic outlook is expected to (get better) improve in the coming months.
    • The government hopes to (get rid of) solve the problem by the end of the year.
    • Our company (got) received many orders in the second half of the year.
    • Candy hopes to (get) receive/be granted/be approved a loan from the bank.
    • The company’s financial position (got worse) worsened last year.
    • The Chair tried to (get across) convey/communicate her ideas as clearly and simply as possible, but some of the students still couldn’t understand.
  • 46. References
    • Barrow, P. (2001). The Best-laid Business Plans . Virgin
    • Publishing Ltd. London.
    • Blackwell, E. (2008). How to Prepare a Business Plan . Kogan
    • Page. London.
    • Karlson, C B. (2009). Writing and Presenting a Business Plan .
    • South-Western. Mason, Ohio.
    • Suggested Video
    • Go to this link:
    • http:// www.sba.gov/smallbusinessplanner/index.html
    • Click Write a Business Plan and then Business Plan Workshop
    • and watch the video about business plan.
  • 47.
    • THANK YOU!